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Natural Gas Drops at the End of Warmest Year on Record

December 31, 2012 at 18:35 by Vladimir Vyun

Natural gas declined today in New York on forecasts of warmer weather in the United States. Forecasters predicted that this week’s colds will be followed by warmth. It is expected that above-norm temperatures will stay for two to three weeks. According to the National Oceanic and Atmospheric Administration, this year may become the warmest since the agency has begun to compile data.

Stockpiles of natural gas swelled as higher-than-normal weather reduced consumption. US gas reserves totaled 3.652 trillion cubic feet in the week ended December 21, according to the US Energy Information Administration. That was 12.8 percent above the five-year average for the period.

Futures for delivery of natural gas dropped as much as $0.11 (3.29 percent) to $3.35 per million British thermal units on NYMEX as of 18:28 GMT today.

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